Adobe (NASDAQ:ADBE) Price Target Lowered to $529.00 at Citigroup

Adobe (NASDAQ:ADBEFree Report) had its price objective trimmed by Citigroup from $554.00 to $529.00 in a research note published on Monday, Benzinga reports. The brokerage currently has a neutral rating on the software company’s stock.

Other equities analysts have also recently issued reports about the stock. JPMorgan Chase & Co. cut their target price on shares of Adobe from $600.00 to $570.00 and set a neutral rating for the company in a research note on Friday, March 15th. Piper Sandler Companies reduced their target price on shares of Adobe from $705.00 to $700.00 and set an overweight rating for the company in a research note on Friday, March 15th. Wells Fargo & Company decreased their target price on Adobe from $690.00 to $675.00 and set an overweight rating on the stock in a research report on Friday, March 15th. Melius Research reaffirmed a hold rating and issued a $510.00 price target on shares of Adobe in a report on Monday. Finally, Bank of America decreased their price objective on Adobe from $700.00 to $640.00 and set a buy rating on the stock in a report on Friday, March 15th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating and nineteen have given a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of Moderate Buy and a consensus price target of $600.97.

Check Out Our Latest Stock Report on Adobe

Adobe Stock Down 0.2 %

Adobe stock opened at $458.74 on Monday. The company has a debt-to-equity ratio of 0.14, a current ratio of 1.05 and a quick ratio of 1.05. Adobe has a fifty-two week low of $433.97 and a fifty-two week high of $638.25. The firm has a fifty day moving average price of $473.83 and a two-hundred day moving average price of $541.85. The firm has a market cap of $205.52 billion, a price-to-earnings ratio of 43.86, a P/E/G ratio of 2.49 and a beta of 1.27.

Adobe (NASDAQ:ADBEGet Free Report) last posted its quarterly earnings data on Thursday, June 13th. The software company reported $4.48 earnings per share for the quarter, topping the consensus estimate of $4.39 by $0.09. The business had revenue of $5.31 billion during the quarter, compared to analysts’ expectations of $5.29 billion. Adobe had a return on equity of 39.12% and a net margin of 24.08%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $3.04 EPS. As a group, analysts forecast that Adobe will post 14.55 earnings per share for the current year.

Adobe announced that its Board of Directors has approved a stock repurchase program on Thursday, March 14th that allows the company to buyback $25.00 billion in outstanding shares. This buyback authorization allows the software company to buy up to 10.8% of its stock through open market purchases. Stock buyback programs are typically a sign that the company’s board believes its shares are undervalued.

Insider Transactions at Adobe

In related news, CAO Mark S. Garfield sold 96 shares of Adobe stock in a transaction dated Tuesday, April 16th. The stock was sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the transaction, the chief accounting officer now directly owns 4,128 shares of the company’s stock, valued at $1,940,160. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In related news, CAO Mark S. Garfield sold 96 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were sold at an average price of $470.00, for a total value of $45,120.00. Following the completion of the sale, the chief accounting officer now owns 4,128 shares of the company’s stock, valued at $1,940,160. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, insider Anil Chakravarthy sold 100 shares of the company’s stock in a transaction on Monday, April 22nd. The stock was sold at an average price of $471.00, for a total value of $47,100.00. Following the transaction, the insider now directly owns 33,609 shares in the company, valued at approximately $15,829,839. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 3,006 shares of company stock worth $1,424,432. Insiders own 0.15% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Barlow Wealth Partners Inc. acquired a new stake in Adobe during the 4th quarter worth $16,700,000. Federated Hermes Inc. increased its holdings in Adobe by 22.6% in the fourth quarter. Federated Hermes Inc. now owns 223,667 shares of the software company’s stock valued at $133,440,000 after purchasing an additional 41,164 shares during the last quarter. Mainsail Financial Group LLC lifted its stake in Adobe by 9.6% in the fourth quarter. Mainsail Financial Group LLC now owns 2,100 shares of the software company’s stock valued at $1,252,000 after buying an additional 184 shares during the period. Team Hewins LLC bought a new position in Adobe during the third quarter worth about $4,141,000. Finally, Vise Technologies Inc. grew its position in shares of Adobe by 267.3% during the 4th quarter. Vise Technologies Inc. now owns 7,769 shares of the software company’s stock worth $4,635,000 after buying an additional 5,654 shares during the period. Institutional investors own 81.79% of the company’s stock.

About Adobe

(Get Free Report)

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.

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Analyst Recommendations for Adobe (NASDAQ:ADBE)

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